“The Crypto Market, AS TRACKED BY the COINDESK 20 Index, Jumped Over 21% in July.”, – WRITE: www.coindesk.com
The Data, Reported by Bloomberg Intelligence’s Eric Balchunas, Marks A New MONTHLY RECORD for the Sector. The Only MONTH THAT CLOSE WAS NOVEMBER 2024, WHEN Markets Rallied on the Election of Donald Trump, Who Who Widly Viewed As Favorable to Crypto Interes.
This Time, Bullishness May Be Driven Less by Politics and More by Fundamentals. The Crypto Market, AS TRACKED BY the COINDESK 20 Index, Jumped Over 21% in July. Bitcoin
Rose 7%, Topping A New All-Time High of $ 122.408 Durying The Month.
Much of the Action Centrated AROUND Blackrock’s ishares Bitcoin Trust (IBIT), Which Has Quietly Grown Into a Financial Giant. With Over $ 86 Billion in Assets, Ibit Now Outpaces Established etfs Like The S&P 500-Tracking IVV and The Russell 2000’s IWM. The Fund’s Higher Fee Structure Makes It More Lucorative for Blackrock Than Even Even Its Flagship Equity Products.
These gains may be just the beginning. Earlier this Week, The Securities and Exchange Commission Approved In-Kind Creation and Redemption for All Spot Bitcoin and Ethereum Etfs, A Technical Change APACTELI INVESTORS.
For Large Asset Managers, In-Kind Redemptions Let Them Swap Crypto Assets Without Triggering Taxable Events or Facing Liquing Crunches-Making The Funds Easier and Ceaper to Funs.
X Icon
Bitcoin and Stocks Are at SESSION LATE IN US AFTERNOON TRADE ON FRIDAY.
- Bonds and Gold Are Benefitting Following This Morning’s Weak Jobs Data, But Crypto and Stocks Are In Full-on Risk-Off Mode.
- The President Showed His Displeasure with Fed Chair Jerome Powell As Well As The Top Government Official Overseeing the Employment Numbers.
- Coinbase is Leading Crypto Stocks Lower with An 18% Decline.
Read Full Story